empirically whether the measurement of trend inflation can be improved by using disaggregated data on sectoral inflation to …An important input to monetary policymaking is estimating the current level of inflation. This paper examines … construct indexes akin to core inflation, but with time-varying distributed lags of weights, where the sectoral weight depends …

This paper shows that conventional measures of cost-of-living inflation, based on static models of consumption, suffer …

The debate over including asset prices in the construction of an inflation statistic has attracted renewed attention in … inflation at the retail level. In this paper, we take an alternative, longer-term perspective on the issue and argue that the … exclusion of asset prices introduces an 'excluded goods bias' in the computation of the inflation statistic that is of interest …

Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae … different from the theoretically well-founded inflation indexes favored by economists. This paper provides the first estimate of … how accurately the CPI informs us about "true" inflation. We use the largest price and quantity dataset ever employed in …

living. This paper develops a framework for studying measurement problems in the consumer price index and systematically … rate of inflation for medical procedures that are subject to technological improvement. To illustrate this point and to …

The main results of the analysis are as follows. 1) After correcting for measurement error, wages appear to be very … wage change is positively correlated with the unemployment rate and with the consumer price inflation rate …

In this paper, we investigate the use of limited-information estimators as measures of core inflation. Employing a …-sectional distribution of inflation can cause substantial noise in the aggregate price index at high frequencies. The model suggests that … limited-influence estimators, such as the median of the cross-sectional distribution of inflation, will provide superior short …